Hero Cycles, China’s Fushida Group Tie Up For Rs 210 Crore Project In Ludhiana
Fushida Group will work with Hero Cycles for manufacturing premium bicycles and electric bikes in Ludhiana’s cycle valley.
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Global bicycle major China’s Fushida Group will collaborate with Hero Cycles Ltd. for a Rs 210 crore project in Ludhiana's hi-tech cycle valley, the Punjab government said in a statement on Wednesday. Fushida Group will work with Hero Cycles for manufacturing premium bicycles and electric bikes.
The project, spread over 100 acres of the total 380 acres of land in Ludhiana’s cycle valley, has an employment potential of 1,000 people. The annual capacity at the Hero Cycles plant would be around four million cycles.
"The Hero Cycles' project, which had a deadline of April 2022 to start production, is slated to start manufacturing from October 2020, thanks to the facilitation of all state-level approvals and incentives by Invest Punjab," Hero Cycles Group Chairman Pankaj Munjal said.
Hero Cycles has assured inward investments and tie-ups from leading international firms, such as Panasonic Corp. and Yamaha.
Fushida Chairman Jian Sheng Xin met with Punjab Chief Minister Amarinder Singh in Chandigarh on Wednesday. The chief minister described the Ludhiana cycle valley as a gamechanger that would act as a catalyst for the electric vehicle sector in Punjab.
Invest Punjab, a single window for investors set up their ventures in the state, was committed to giving all clearances under one roof.
According to Singh, Punjab’s new industrial and business policy, coupled with lucrative incentives, was giving a strong push to the industry, leading to the state’s emergence as a preferred investment destination.
The congenial investment climate, along with harmonious labour management relations, was catalysing industrial growth in the state, he added.